Jazeera Airways reports $20.39 million in operating profit for first half of 2019

335% growth in 1H19 net profit from $4.6 million in Q2 2018
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Jazeera airways, Financial Results, Kuwait, Marwan Boodai, Rohit Ramachandran

Jazeera Airways today announced its financial and operational results for the first half of the year (1H 2019), reporting KD6.2 million (US$20.39 million) in net profit, up 335.1% from KD1.4 million ($4.6 million) in Q2 2018, and a 20.06% growth in number of passengers.

The company’s operating revenue increased by 37.4% to KD47.3 million ($155.6 million), while operating profit increases by 391.6% to KD6.6 million ($21.7 million).

In Q2 2019, Jazeera Airways reported KD4.8 million ($15.8 million) in net profit, up 171.2% from KD1.8 million ($5.9 million) in Q2 2018, and a 12.0% growth in number of passengers. Operating revenue increased by 29.5% to KD26 million ($85.5 million) and operating profit increased by 169.8% to KD4.8 million ($15.8 million), while aircraft utilisation increased by 2.2% to 14.8 hours and yield increased by 11.5% to KD45.6 ($150) during 2Q 2019.

Jazeera Airways chairman, Marwan Boodai, said: “Jazeera Airways continues to perform positively as it further expands its network of destinations and grows its fleet with new three A320neo aircraft to be delivered in the second half of the year. We launched a new route to the popular summer destination, Bodrum, and celebrated the first year anniversary of the Jazeera Terminal (T5). We also launched the first ever on-board convenience store, adding more value to passengers when flying with Jazeera Airways.”

The airline served over 1.1 million passengers through T5 since it became operational in May 2018. Its daily flights to Istanbul moved to the new international airport and new flights were added to serve the Sabiha Gokcen International Airport in Istanbul as well as Bodrum, Turkey.

Jazeera Airways CEO, Rohit Ramachandran, commented on the results saying: “Our overwhelming focus on our customers by operating routes of their choice at very affordable prices, and making operational excellence as the cornerstone of our business, is the DNA of Jazeera Airways. We ruthlessly eliminate wasteful processes and cost, and pass on the benefit to our customers as lower fares.”

Jazeera Airways is preparing to launch new routes, staring with flights to the British capital, London, in October 2019. The airline will also take delivery of three new A320neo aircraft.

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